Bgc Group, Inc. · NASDAQ:BGC
Bgc — Q3 2025 Earnings Presentation
38 slides from Bgc's earnings presentation, 2025
Slide 1: BGC Group, Inc. Earnings Presentation Q3 2025
BGC GROUP, INC. NASDAQ: BGC E A R N I N G S P R E S E N TAT I O N Q 3 2 0 2 5
Slide 2: Disclaimer
2 DISCLAIMER DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT BGC Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statem
Slide 3: Q3 2025 Performance
Q3 2025 PERFORMANCE Highlights of Consolidated Results BUSINESS HIGHLIGHTS Q3 2025 Q3 2024 Change (USD millions) Revenues $736.8 $561.1 31.3% $737mm GAAP income from operations before income taxes 33.5 19.7 70.0% Record Q3 Revenues1 +31% yr/yr GAAP net income for fully diluted shares 26.8 14.2 88.6%
Slide 4: BGC Group Overview
4 BGC GROUP OVERVIEW BGC is a leading marketplace for OTC products that don’t trade on an exchange and provides critical liquidity for listed products that trade on exchange, as well as operating a fully regulated U.S. interest rate futures exchange. BUSINESS MODEL BGC REVENUE REVENUE DRIVERS DRIVER
Slide 5: Revenue by Asset Class
REVENUE BY ASSET CLASS REVENUE GROWTH ACROSS ALL ASSET CLASSES (USD millions) 9% Revenue By Asset Class (USD millions) Q3 2025 Q3 2024 Change DATA, NETWORK & POST-TRADE AND ECS $241.6 $112.9 114.0% OTHER1 8% Rates 195.3 174.3 12.1% EQUITIES 33% Foreign Exchange 106.7 92.1 15.9% ECS (“ENERGY, COMMODI
Slide 6: Diverse Global Product Offering
6 DIVERSE GLOBAL PRODUCT OFFERING ECS Rates Foreign Exchange Products Revenue Products Revenue Products Revenue Q3 2025 Q3 2025 Q3 2025 Government Bonds Spot FX Environmental & Energy 33% Transition Products OTC & Listed Interest FX Forwards Rate Derivatives Oil & Refined Products $242mm
Slide 7: Revenue by Geography
REVENUE BY GEOGRAPHY REVENUE GROWTH ACROSS ALL GEOGRAPHIES (USD millions) Revenue By Geography Q3 2025 Q3 2024 Change (USD millions) EMEA $385.9 $280.9 37.4% Americas 262.4 204.8 28.1% Asia Pacific 88.5 75.4 17.4% 36% $737 AMERICAS 52% Total Revenue $736.8 $561.1 31.3% EMEA Revenue By Currency % of
Slide 8: BGC's Platform Is Built to Perform in All Market Conditions
8 BGC’S PLATFORM IS BUILT TO PERFORM IN ALL MARKET CONDITIONS GEOGRAPHIC DIVERSIFICATION CLIENT DIVERSIFICATION BGC is significantly more global than its exchange / trading platform peers1 BGC client base has become increasingly more diverse % Non-Bank Clients 64% ~35% ~50% 36% Q3 Q3 2020 2025 BGC E
Slide 9: Front Office Productivity
FRONT OFFICE PRODUCTIVITY FRONT OFFICE HEADCOUNT AND PRODUCTIVITY Period–end Front Office Headcount $1,148 >$1.1 million LTM Front Office Productivity (in USD 000s)1 $1,001 Record LTM Front Office $935 Productivity $847 $791 $735 ~340 headcount increase related 2,513 to OTC 2,351 2,148 2,121 1,990 2
Slide 10: Consistent Earnings Growth
10 CONSISTENT EARNINGS GROWTH PRE-TAX ADJUSTED EARNINGS POST-TAX ADJUSTED EARNINGS & ADJUSTED EPS Pre-tax Adjusted Earnings (USD millions) Post-tax Adjusted Earnings (USD millions) Adjusted EPS $0.29 $0.26 $155 $141 $127 $0.19 $127 $0.16 $102 $0.14 $94 $83 $79 $78 $74 Q3 2021 Q3 2022 Q3 2023 Q3 2024
Slide 11: ECS (Energy, Commodities & Shipping) Overview
ECS (“ENERGY, COMMODITIES, & SHIPPING”) OVERVIEW BUSINESS HIGHLIGHTS REVENUE BREAKDOWN REVENUE GROWTH (USD millions) Commodities, Metals & Other Environmental $242mm & Energy Transition Shipping Record Q3 Revenue & Freight $787 (Q3 2025 Revenue) Q3 2025 +114% Oil & Refined Products $483 Revenue Grow
Slide 12: Proven Track-Record of Value Creation
PROVEN TRACK-RECORD OF VALUE CREATION SUCCESS OF TRIDENT ACQUISITION OTC ACQUISITION DETAILS COST REDUCTION PROGRAM Acquisition completed on Following recent acquisitions, Since acquiring Trident in February 2023, revenues April 1, 2025, for $325mm1,2 BGC launched a cost have increased 112% on BGC’s
Slide 13: Fenics Overview
OVERVIEW FENICS REVENUE BY ASSET CLASS REVENUE GROWTH (USD millions) (USD millions) $160mm Fenics Revenue Q3 2025 Revenue 19% $638 FOREIGN 41% EXCHANGE +13% RATES $522 Growth yr/yr $401 $142mm $160mm $26mm $160 $278 $23mm Q3 2025 $223 17% CREDIT $134mm $119mm FY 2017 FY 2019 FY 2021 FY 2023 LTM 21%
Slide 14: FMX Volume and Open Interest Growth
14 $59bn +12% $13bn +44% +247% +262% Record Q3 Volume ADV Growth Record Q3 Volume ADV Growth OI Growth ADV Growth (Q3 2025 ADV) (Q3 2025 yr/yr) (Q3 2025 ADV) (Q3 2025 yr/yr) (Q3 2025 q/q) (Q3 2025 q/q) 75.1k $13bn $59bn $53bn $9bn $38bn $7bn 21.6k 8.1k 3.6k 11.7k 2.2k 3.2k Q3 2023 Q3 2024 Q3 2025 Q3
Slide 15: FMX Futures: Open Interest
15 Year 1 Year 2 Year 3 Onboarded 11 FCMs Deepen & Grow Client Base Full On Competition Onboard remaining FCMs & deepen Competing for significant market ABN AMRO Barclays BofA relationships with Bank Trading Desks share Citigroup Goldman Sachs Add Institutional & Buy-side Clients Expanded set of pro
Slide 16: FMX UST Volume & Market Share
BUSINESS HIGHLIGHTS FMX UST VOLUME & MARKET SHARE UST MARKET VOLUME >$59bn 35.1% 37.2% Q3 2025 Record Q3 Volume (ADV yr/yr change) 32.6% (Q3 2025 ADV) 12% 29.8% 29.4% 30.3% 27.9% $68bn 25.3% 25.7% $60bn $59bn +12% $53bn $52bn $47bn $45bn $41bn (2%)2 FMX UST ADV Growth $38bn (Q3 2025 yr/yr) 37.2% (23
Slide 17: Data, Network & Post-Trade
DATA, NETWORK & POST-TRADE BUSINESS HIGHLIGHTS REVENUE GROWTH KEY BUSINESSES $34.3mm Quarterly $34mm Provider and generator of data across global Record Q3 Revenue financial and commodity markets, supported by (Q3 2025 Revenue) $28mm $22mm BGC’s deep wholesale liquidity pools $18mm +12% Q3 2019 Q3 2
Slide 18: Outlook
18 OUTLOOK Q4 2025 OUTLOOK Guidance Actual Yr/Yr % Change Metric (USD million) Q4 2025 Q4 2024 Low Mid High Revenues $720 - $770 $572.3 +26% +30% +35% (Revenues excl. OTC Acquisition) $612.5 - $652.5 $572.3 +7% +11% +14% Pre-tax Adjusted Earnings $152.5 - $167.5 $129.5 +18% +24% +29% BGC expects to
Slide 19: GAAP Financial Results
GAAP FINANCIAL RESULTS
Slide 20: Balance Sheet
20 BALANCE SHEET BGC GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) September 30, December 31, September 30, December 31, 2025 2024 2025 2024 Assets Liabilities and Equity Cash and cash equivalents $ 774,940 $ 711,5
Slide 21: Income Statement
21 INCOME STATEMENT BGC GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 202
Slide 22: Appendix
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Slide 23: Fenics Ecosystem
23 FENICS ECOSYSTEM DATA, NETWORK & RATES CREDIT FOREIGN EXCHANGE POST-TRADE KEY PRODUCTS: KEY PRODUCTS: KEY PRODUCTS: • Interest Rate Derivatives • Investment Grade Bonds (IG) • FX Spot • EGBs • High Yield Bonds (HY) • FX Options FENICS MARKET DATA • GILTs • Sovereign Credit • Asian / LatAm NDFs (F
Slide 24: Fenics Platforms At-A-Glance
FENICS PLATFORMS AT-A-GLANCE FENICS TRADING PLATFORMS DATA, NETWORK AND POST-TRADE Fenics MIDFX Asset Class: Foreign Exchange Asset Class: Data, Network and Post-trade – Market Data Products: Spot FX and NDFs Distributor of market data across global financial and commodity markets, Wholesale FX tr
Slide 25: BGC's Fully Diluted Weighted-Average Share Count Summary
25 BGC’S FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT SUMMARY PUBLIC OWNERSHIP (% OF FULLY-DILUTED SHARE COUNT FOR ADJUSTED EARNINGS) Fully Diluted Q3 2025 Fully Diluted Weighted-Average Share Count Summary Weighted- Ownership (%) For Adjusted Earnings Average Shares (millions) 75% PUBLIC 368.3 75% 69
Slide 26: Strongly Capitalized & Investment Grade Credit Profile
26 STRONGLY CAPITALIZED & INVESTMENT GRADE CREDIT PROFILE BGC Group, Inc. (in $’000s) As of 9/30/2025 INVESTMENT GRADE CREDIT RATING Cash and cash equivalents $774,940 Investment Grade Credit Rated: Financial instruments owned, at fair value 149,779 • Fitch: BBB- (Outlook: Stable) Total Liquidity
Slide 27: BGC Revenue Correlation & Industry Volumes
27 BGC REVENUE CORRELATION & INDUSTRY VOLUMES BGC’S ASSET CLASS REVENUES ARE GENERALLY CORRELATED TO RELEVANT INDUSTRY SECONDARY MARKET TRADING VOLUMES Q3 2025 VS Q3 2024 Brokerage revenues are driven by secondary market trading volumes in the ASSET CLASS REVENUE TO INDUSTRY VOLUME CORRELATION1 INDU
Slide 28: Shareholder Value Creation
28 SHAREHOLDER VALUE CREATION BGC HAS A STRONG HISTORY OF CREATING VALUE FOR SHAREHOLDERS THROUGH ORGANIC GROWTH, ACQUISITIONS & INVESTMENTS IN TECHNOLOGY 2025 – Completed OTC Acquisition 1999 – eSpeed, leading electronic becoming the UST platform, IPOs world’s largest ECS 2023 – Completed 2004 – Ca
Slide 29: Non-GAAP Definitions and Reconciliation Tables
NON-GAAP DEFINITIONS AND RECONCILIATION TABLES
Slide 30: Reconciliation of GAAP to Adjusted Earnings
30 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS RECONCILIATION OF GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES TO ADJUSTED EARNINGS & GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended Three Months Ended September 30, Septemb
Slide 31: Reconciliation of GAAP to Adjusted Earnings Footnotes
31 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS FOOTNOTES FOOTNOTES (1) The components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows (in thousands): Three Months Ended September 30, 2025 2024 Issuance of common stock and grants of exch
Slide 32: Other Select Financial Data
32 OTHER SELECT FINANCIAL DATA RECONCILIATION OF GAAP NET INCOME (LOSS) AVAILABLE TO COMMON FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT STOCKHOLDERS TO ADJUSTED EBITDA (IN THOUSANDS) (UNAUDITED) (IN THOUSANDS) (UNAUDITED) Three Months Ended Three Months Ended September 30, September 30, 2025 2024 202
Slide 33: Differences Between Non-GAAP and GAAP Consolidated Results
33 DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS NON-GAAP FINANCIAL MEASURES The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (“RSUs”), that the Company has issued and outsta
Slide 34: Differences Between Non-GAAP and GAAP Consolidated Results (Continued)
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 34 (CONTINUED) The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted
Slide 35: Differences Between Non-GAAP and GAAP Consolidated Results (Continued)
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 35 (CONTINUED) METHODOLOGY FOR CALCULATING ADJUSTED EARNINGS TAXES Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted
Slide 36: Differences Between Non-GAAP and GAAP Consolidated Results (Continued)
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 36 (CONTINUED) MANAGEMENT RATIONALE FOR USING ADJUSTED EARNINGS BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are
Slide 37: Differences Between Non-GAAP and GAAP Consolidated Results (Continued)
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 37 (CONTINUED) TIMING OF OUTLOOK FOR CERTAIN GAAP AND NON-GAAP ITEMS BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing
Slide 38: Investor Contact
38 38 Investor Contact: Jason Chryssicas +1 212-610-2426 Media Contact: ir.bgcg.com Danielle Popper twitter.com/bgcgroupinc +1 212-610-2419 linkedin.com/company/bgc_group